The Demand Is More Price-Elastic

question 52

Multiple Choice

The demand is more price-elastic

• A) In the long run.
• B) If the product is a necessity.
• C) If the product is a small part of the consumer's budget.
• D) If the product has very few substitutes.

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Definitions:

Centration

In Piaget’s theory, the tendency of a young child to focus only on one feature of an object while ignoring other relevant features.

Appearance

The way that someone or something looks to others, encompassing aspects of physical presentation and style.

Cognitive Development

The study of how thinking, problem solving, and understanding of the world evolve from infancy through adulthood, influenced by genetics, experience, and education.

Preoperational

The Preoperational stage is the second stage in Piaget's theory of cognitive development, occurring from ages 2 to 7, where children begin to engage in symbolic play but lack the ability to perform operations or see things from the perspective of others.